Tesla reports declines in revenue and profit amid shaky financial year

Steep drop in new car sales and stock price at electric car maker linked to Elon Musk’s role in Trump administrationIt’s been a rocky year for Tesla’s financial outlook. The electric vehicle maker once led the market for gas-free cars, but recently has faced falling stock, steep competition and a CEO who has been described as erratic and a chaos maker. Now, for its second-quarter earnings, Tesla is reporting a decline in both revenue and profit. The electric vehicle maker said it saw a 12% drop in revenue from the same time last year, coming in at $22.5bn, which was below Wall Street’s expectations of $22.7bn. Tesla noted its operating income also decreased to $0.9bn, a 42% decrease since last year. This marks a second straight quarterly decline for the company. Continue reading...

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